Vail Resorts is planning $85 million to $95 million at its seven ski resorts, including three California ski areas. The company invested $96 million last season, $50 million in 2010-11 and $112 million in 2009-10.

"It's the responsibility of resort operators to cut back because (the earnings measure) EBITDA is down this year, so they are tightening their belts," said Dave Belin, a senior director at Boulder's RRC Associates, which surveys and compiles reports for the NSAA and Colorado Ski Country.